Paymentshield slashes broker commission by 22.5%
Mortgage Solutions | 17 Oct 2011 | 10:20
Simret Samra
I have been a broker with Paymentshield since it was established. I did have a monthly debit of approximately £600 per month, but because they have become uncompetitive my debit has fallen to approximately £200 per month. By cutting my commission to 5% will reduce my income from £2400 per year to £440 per year. Dick Turpin wore a mask when he robbed people, the regulator should investigate Paymentshield’s actions.
Wilson Weir
17 Oct 2011 | 11:03
My, how the original founder of this once ethical, great, broker-friendly, customer-friendly organisation must be cringing at how the people, who made the company so successful, are now being treated. The Paymenshield you see today is a completely different beast and it’s not a very nice one. The sooner they are put out of business the better.
Ian Griffiths
17 Oct 2011 | 18:10
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HSBC claims 81% of best deals offered direct
Mortgage Solutions | 18 Oct 2011 | 11:58
Simret Samra
HSBC may have been agressively pricing, but given HSBC high decline after acceptance rate demonstrates the need for knowledge. While a saving of £120 can be shown, there is always a hidden cost to aborted cases, people staying on SVRs longer than they need to due to poor servicing, the nominal saving can soon be lost.
Mike Cullen
18 Oct 2011 | 12:15
If HSBC and the other direct only providers had the guts to allow independent brokers to deal with them, their products could be judged on all aspects, including the rate. But perhaps this is the point. The public use brokers because they need advice.
Bob
18 Oct 2011 | 15:36
I regularly send customers to HSBC for their mortgage products (included in their 81%) as there is no denying the competitive prices. I even say to customers to talk to them about protection but come back to me for comparison, which they do. On average I will undercut HSBC by about a third on price with many more conditions covered on a typical CI policy. Apparently HSBC advisers are not targeted on mortgages but are on insurance products. They have worked out the system and the FSA are letting them get away with it. How can this be treating customers fairly?
PS
18 Oct 2011 | 17:28
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MP issues fresh warning on MMR
Mortgage Solutions | 19 Oct 2011 | 10:56
Simret Samra
Wasn’t it under the previous administration that the FSA took power from the BoE and let the madmen run the asylum? Now Mudie has the audacity to say the MMR is a bad thing after it was brought about by his party?
Rob
20 Oct 2011 | 10:54
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TCF branded a failure that must be replaced – FSCP
Mortgage Solutions | 20 Oct 2011 | 09:49
IFAonline
TCF is like “the big society,” when asked to explain what it is, no one can really say and so they launch into a biblical quote: “Treating others as you want to be treated yourself” or “love thy neighbour”. In large, over the last 20 years we have seen that many large institutions stitch people up in an ever greater pursuit for targets and profit. They are full of middle managers who are happy to pass down any decree or edict from on high, whatever the consequence to customers. The regulators should get a grip of the culprits.
Vyvyan
20 Oct 2011 | 10:52
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OAP “housing hoarders” should downsize to help FTBs
Mortgage Solutions | 20 Oct 2011 | 13:09
Kay McLellan, Simret Samra
If older people charitably move on to smaller property to make existing family stock available for young families, aren’t those same younger people still faced with the challenge of unaffordable property prices?
John
20 Oct 2011 | 14:26
This is another organisation not living in the real world. When one of them gets to 65 and are told they have to leave their home full of memories of their life perhaps they will change their mind. The problem with organisations like this is that they pontificate without looking at cause and effect. How dare they tell someone who has worked all their lives and saved to move and sell their house below value just to suit someone else.
Terry
21 Oct 2011 | 09:46
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Lord Turner: Last 20 years punctuated with ‘waves of mis-selling’
Mortgage Solutions | 21 Oct 2011 | 08:45
Rahul Odedra
The FSA should be vetting all insurance and investment products before they hit the shelf and it should be their responsibility to ensure that the information related to these products is clear and understandable for all concerned. However, I expect that this is beyond their capability especially as their own instruction manual is not exactly user friendly.
J Barr
21 Oct 2011 | 10:40
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This week’s star comment comes from an anonymous reader who gives us his thoughts on HSBC’s claim that borrowers cannot rely on brokers to offer the best deals on the market.
Good old HSBC, we are still out here despite your best efforts. Perhaps you might like to make a real impact in the market and start working with intermediaries? I don’t think I have lost clients to a direct deal this year.
We offer service, flexibility and are good at what we do unlike most bank staff. NO to direct selling without advice – that’s the campaign we need to start.
Anonymous
18 Oct 2011 | 13:35
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Thank you for all your comments
From the Mortgage Solutions team
